Wear Inns bought by Aprirose for £22.4m

The investor gained 25 pubs from BGF and NVM Private Equity to add to its portfolio of 73 pubs acquired from Mitchells & Butlers a year ago.

The £22.4m deal was a full acquisition with all shareholders, including the estates of founders John Sands and John Weir, having successfully exited.

Company founders John Sands and John Weir both passed away in 2016 and 2017 respectively.

Established in 2006, the Wear Inns group received the support of NVM to advance its aim of a community-focused pub estate in its inaugural year.

Investors BGF partnered with the operation as a minority shareholder in the company in 2012.

First-class reputation

Wear Inns received an £8m investment from BGF to support its growth, in addition to a subsequent £2m investment from NVM.

The group used the funding to acquire 12 new properties and to deliver a strategy of driving operational improvement through under-performing pubs.

Aprirose chief executive Manish Gudka said: “The acquisition of the Wear Inns business will complement our current portfolio of pubs across the UK.

“The brand has developed a first-class reputation with a focus on community, quality drink, customers and staff.

“We have a clear vision of building a pub group of scale and we look forward to supporting Wear Inns on its next stage of growth.”

Powerful example

BGF’s Barry Jackson, who has been a board member of Wear Inns since 2013 said it was a privilege to see the business develop an outstanding reputation.

He said: “It has been a privilege to have worked with and supported the growth of the Wear Inns’ estate during the past six years.

“It will, I’m sure, remain a powerful example of what can be achieved through ambition, leadership and vision for many years to come.”   

Talented team

NVM’s Karl Cockwill praised the work of the pub group’s former team.

He said: “Wear Inns is a great business that was founded by John Sands and John Weir.

"They were a talented and ambitious team that built an impressive portfolio of north-eastern pubs. Their passing was untimely, but this exit is a testament to the team and business they built during our partnership.”

Properties sold in the group included the Castle Eden Inn in Hartlepool, the Angel in Durham, and the Royal George in Peterlee.

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